Price Reduced! Sub-500 Edition 1/12-1/19

Welcome to another edition of Price Reduced!

For all the newcomers to this blog, Price Reduced! takes a look at a handful of significant price reductions across Northern NJ. The purpose of this exercise is to serve as proof that the Northern New Jersey real estate market has long since been overvalued and has started the long hard decline back to the mean. These listings are in no way an endorsement by myself, nor do I believe they are a bargain or a value. Even reduced, I still believe these homes are still grossly overpriced.

I’m going to change things up a little bit to keep the content fresh. I’m sure readers here don’t need to be convinced that sellers are dropping prices quickly, so I’m going to look at Price Reduced! from some new angles in the upcoming weeks.

In this edition of Price Reduced! we’ll be looking at price reductions of properties with asking prices below $500,000. The media has been reporting that there has been a slow down at the upper end, but what about the lower? Judge for yourself.

On to the Sub-500 Editition of Price Reduced!

MLS# 2105351 – Hardyston, NJ
List Price $250,000
Reduced Price $185,000 (Price Reduced 26.0%)

MLS# 2227865 – Newark, NJ
List Price $398,000
Reduced Price $298,000 (Price Reduced 25.13%)

MLS# 2203984 – Victory Gardens, NJ
List Price $239,900
Reduced Price $199,900 (Price Reduced 16.67%)

MLS# 2225458 – Elizabeth, NJ
List Price $439,900
Reduced Price $379,000 (Price Reduced 13.84%)

MLS# 2223389 – Passaic, NJ
List Price $369,900
Reduced Price $324,900 (Price Reduced 12.17%)

MLS# 2106314 – Fredon, NJ
List Price $424,900 (Reduced from $434,900)
Reduced Price $375,000 (Price Reduced 11.74%)

MLS# 2112679 – Hopatcong, NJ
List Price $299,500
Reduced Price $269,000 (Price Reduced 10.18%)

MLS# 2105097 – Haledon, NJ
List Price $475,000
Reduced Price $429,000 (Price Reduced 9.68%)

MLS# 2221729 – Teaneck, NJ
List Price $409,500
Reduced Price $369,900 (Price Reduced 9.67%)

MLS# 2108989 – Oakland, NJ
List Price $428,900 (Reduced from $449,900)
Reduced Price $389,900 (Price Reduced 9.09%)

MLS# 2111412 – Parsippany, NJ
List Price $549,900 (Reduced from $575,000)
Reduced Price $499,900 (Price Reduced 9.09%)

MLS# 2200619 – Midland Park, NJ
List Price $547,500 (Reduced from $575,000)
Reduced Price $499,000 (Price Reduced 8.86%)

Caveat Emptor!

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11 Responses to Price Reduced! Sub-500 Edition 1/12-1/19

  1. If you get some Hoboken listings, I swear that I will buy you dinner at the restaurant of your choice :-)

  2. skep-tic says:

    interesting. this seems to refute the idea that only the high end is getting hit.

  3. Yuip says:


    I love reading your Price Reduced updates. This weeks reduced i notice many are on the middle to lower end of the price range. Can you give us a little background if these properties are priced according to recent comps in the first place for the respective neighborhood? That would help distinguish sellers who simply bloated asking prices or were reasonably priced (according to comps) and still unable to sell.

  4. Anonymous says:

    Is there a way to look up these MLS#s to see the houses?

    I apologize if this is a newbie question.


  5. grim says:

    Not a newbie question at all:

    Go to

    Click on “More Search Options”

    Enter the MLS # into the MLS ID Search field.

    Click the “Show Properties” button.

    However, you probably won’t be able to search all listings this way, but you should get a good number of them.


  6. grim says:


    drop me an email when you get a chance


  7. landgrab says:

    Did you guys really only think high-end housing would get hit?

    As a buyer later this year, I’m foaming at the mouth a bit. But not too much – half of my 20% down is in equity right now, and … yeah, you know how that works.

    I stand by my prediction: If a house is up for 600k now, it’ll be 400k in the fall.

  8. grim says:

    Had to delete some posts, if anyone wants to know why, just email me.


  9. Anonymous says:

    First time home buyers do not rush in. Ket these depserate sellers pay for their reckless financial decisions. Make sure you are paid for your patience and time for waiting. Do not rush in. Prices do not drop in 3 months or 6 months. It takes time.

  10. Anonymous says:

    Thanks, grim.


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